sebi:AO/BS/08/2008
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Facts / Headnote
Consent order disposing of adjudication proceedings initiated vide show cause notice no. A&E/BS/69570/2006 dated June 16, 2006 against the applicant, on payment of Rs. 1,70,000 as disgorgement and Rs. 1,00,000 as settlement charges.
Holding
SEBI passed a consent order settling the adjudication proceedings against the applicant on payment of Rs. 1,70,000 towards disgorgement of notional undue gain and Rs. 1,00,000 towards settlement charges, without the applicant admitting or denying guilt. The order disposes of the pending adjudication proceedings while reserving SEBI's right to take enforcement action if representations prove untrue or undertakings are breached.
Full text
2 the applicant vide letter dated February 8, 2008, proposed revised consent terms where the applicant without admitting or denying guilt and subject to the clauses of the undertakings and the waivers proposed to offer Rupees One lakh Seventy thousand (Rs. 1,70,000 ) towards consent terms and Rupees Five thousand (Rs. 5,000) towards settlement charges in respect of the consent application number – 249 of 2007 made by the applicant in the matter.
3 initiated against the applicant vide show cause notice no. A&E/BS/69570/2006 dated June 16, 2006. 6. In view of the above, it is hereby ordered that: (i) this consent order disposes of the present adjudication proceedings initiated vide show cause notice no. A&E/BS/69570/2006 dated June 16, 2006 against the applicant. (ii) passing of this order is without prejudice to the right of SEBI to take enforcement action including commencing/reopening of the pending proceedings against the applicant, if SEBI finds that: a. any representations made by the applicant in the consent proceedings are subsequently discovered to be untrue. b. the applicant has breached any of the clauses / conditions of undertakings/waivers filed during the current consent proceedings.
4. The consent terms proposed by the applicant were placed before the High Powered Advisory Committee (hereinafter referred to as “HPAC”) and the HPAC, after deliberation, recommended the case for settlement on payment of Rupees One lakh Seventy thousand (Rs. 1,70,000 ) as
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Source: SecMarx — sebi:AO/BS/08/2008. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.